Constructing and Analyzing Balance Sheet Amounts from Incomplete Data Selected balance sheet amounts for 3M Company, a manufacturer of consumer and business products, for three recent years follow.
$ millions Current Assets Long-Term Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Stockholders’ Equity*
2013 $12,733 $ $33,550 $ ? $ 8,104 $15,602 $17,948
2014 12,303 18,906 ? 5,964 12,103 ? 13,142
2015 ? 21,732 32,718 7,118 13,853 20,971 ?
a. Compute the missing balance sheet amounts for each of the three years shown.
b. What types of accounts would we expect to be included in current assets? In long-term assets?
a) Compute the missing balance sheet
|Year||Current assets||long term assets||Total assets||Current liabilities||Long term liabilities||Total liabilities||Stockholder's equity|
|2013||12733||33550-12733 = 20817||33550||15602-8104 = 7498||8104||15602||17948|
|2014||12303||18906||12303+18906 = 31209||5964||12103||5964+12103 = 18067||13142|
|2015||32718-21732 = 10986||21732||32718||7118||13853||20971||11747|
|Current assets||Long term assets|
|Cash||Long term investment|
|Account receivable||office equipment|
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